Angola
After gaining independence from Portugal in 1975, the country’s infrastructure was ravaged by civil war for nearly 30 years. The economy remains overly reliant on the crude oil industry, with petroleum accounting for roughly 95% of goods exports and more than 60% of government tax revenues. Efforts to clamp down on corruption and improve the business environment have intensified since President Lourenço took charge in 2018.
We have lowered our economic growth forecast for 2020 to -9.3% from a previous forecast of -2.8%. Should this materialise, it will be the sharpest economic contraction since 1993 and the fifth-consecutive year that real GDP declines. The sudden stop in global trade and travel as well as the domestic restrictions on non-essential business during the “Great Lockdown” period will cause severe contractions in consumption and investment output during Q2 2020. Due to the oil price shock and pressure from Opec partners to cut production this year, oil exports are also expected to fall by 44% in 2020. Despite Angola suffering from the twin shocks of depressed oil prices and Covid-19, President João Lourenço continues to consolidate power and maintain the country on the path of reform. (Source: Angola Quarterly Update, published July 2020)
Macroeconomic Data
(2019)
Fiscal Balance (as a % of GDP)
Consumer Price Index (% change y-o-y, avg)
Current Account Balance (as a % of GDP)
Real GDP (annual % change)
GDP per Capita, US$
Import Cover (months)
Population, million
Total External Debt (as a % of GDP)
1.1
17.1
6.1
-0.9
2,643.1
8.7
31.8
78.2